Lucky Owl Indicator (XPS v8) - Explanation
This is a custom MetaTrader 4 (MT4) indicator called "Lucky Owl" or "XPS v8" that appears in a separate window and displays histogram-style signals to help identify potential trend directions.
How It Works
Core Calculation:
The indicator calculates a modified Fisher Transform of price data
It finds the highest high and lowest low over a dynamic period (adjusts based on chart timeframe)
Computes a midpoint price (average of high and low)
Uses a formula to transform this into an oscillator value that's smoothed with previous values
Signal Generation:
The indicator creates two colored histograms (blue and red)
Blue histogram appears when the trend is potentially up
Red histogram appears when the trend is potentially down
The transition between colors helps identify trend changes
Alerts Feature:
When alarm=true, the indicator can send alerts when:
Possible uptrend detected (when oscillator crosses above zero)
Possible downtrend detected (when oscillator crosses below zero)
Alerts only trigger on new bars to avoid repetition
Visual Elements:
Adds decorative labels in the indicator window ("!XPS v8" and "Trade like a BOSS")
Uses a histogram display with thick bars (width 6) for clear visibility
Interpretation
Blue Bars: Indicate potential bullish conditions (consider long positions)
Red Bars: Indicate potential bearish conditions (consider short positions)
The indicator works best when used in conjunction with other technical analysis tools
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